US Treasury Secretary Henry Paulson says the discussions in the two days of the fifth round of the China-US Strategic Economic Dialogue (SED) are productive at a press conference after the SED session concludes on Friday, December 5, 2008. [Photo: CRIENGLISH.com]

China and the United States on Friday said they would inject US$20 billion for trade finance to buoy up the global commerce.

"The two export-import banks (in United States and China) will make available an additional US$20 billion for trade finance, particularly for creditworthy importers in developing countries," US Treasury chief Henry Paulson told the press.

Paulson said this at the end of the two-day China-US Strategic Economic Dialogue (SED) in Beijing.

The move came at a time when the current financial turmoil impaired access to trade finance to help emerging market businesses and consumer purchase imports.

According to a SED fact sheet, the US Export-Import Bank will provide additional resources of US$12 and the Export-Import Bank of China will offer additional resources of up to US$8 to assist in the financing of the export of China and US goods and services.

The twice-yearly SED, initiated by the two presidents, is currently the highest-level economic dialogue between the two nations.

(Xinhua News agency December 5, 2008)